Fintech News: April 22nd, 2016

There are so many failed Unicorns, CB Insights started publishing a list. For too long, companies were able to pick a sky-high valuation, build a presentation deck for investors, and watch the offers pour in, repeating every 12 months or so. While the AirBNB’s and SnapChats may, overall, make up for the inevitable failed unicorns, it’s hard to diversify these investments, and with private companies, there’s no way to buy an index fund.

Massachussetts regulators declared that robo-advisors might not be filling their fiduciary duties to their clients. The regulator’s beef is 1) they don’t know enough about their clients, 2) investors have nobody to call, and 3) some disclaim their fiduciary obligations in their terms and conditions.

Fintech products aren’t just for young people. Despite all of the hype about fintech being “for millennials,” boomers are benefitting from advancements in 401(k) rollovers, lower management fees, more transparent pricing, and easy ways to passively manage their investments.

London’s position as a leading Fintech hub relies heavily on recruiting talent from the rest of Europe, particularly eastern European developers. Fearing a possible Brexit has led many Fintech firms to stop hiring from abroad, fearing they may face visa troubles down the line.